XML 37 R25.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Debt | 12 Months Ended
--- | ---
Dec. 31, 2017
Text block1 [abstract] |
Debt |
18. | Debt
|  | 2017 |
|  | Due through |  |  | Effective rates ranged |  |  | Carrying Amount |
Long-term fixed rate debt |  |  | 2025 |  |  |  | 1.81% to 5.58% |  |  | $ | 626,150 |
Long-term variable rate debt |  |  | 2027 |  |  |  | 1.54% to 3.04% |  |  |  | 420,634 |
Loans payables |  |  | 2018 |  |  |  | 2.33% to 2.58% |  |  |  | 127,797 |
|  |  |  |  |  |  |  |  |  |  | 1,174,581 |
Current maturities |  |  |  |  |  |  |  |  |  |  | (298,462 | )
Long-term debt |  |  |  |  |  |  |  |  |  | $ | 876,119 |
|  | 2016 |
|  | Due through |  |  | Effective rates ranged |  |  | Carrying Amount |
Long-term fixed rate debt |  |  | 2025 |  |  |  | 1.81% to 5.58% |  |  | $ | 702,454 |
Long-term variable rate debt |  |  | 2026 |  |  |  | 0.90% to 2.23% |  |  |  | 398,178 |
Loans payables |  |  | 2017 |  |  |  | 1.88% to 1.98% |  |  |  | 83,500 |
|  |  |  |  |  |  |  |  |  |  | 1,184,132 |
Current maturities |  |  |  |  |  |  |  |  |  |  | (222,718 | )
Long-term debt |  |  |  |  |  |  |  |  |  | $ | 961,414 |
Maturities of long-term debt for the next five years are as follows:
Year ending December 31, 2018 |  |  | 298,462 |
2019 |  |  | 167,191 |
2020 |  |  | 118,376 |
2021 |  |  | 96,070 |
2022 |  |  | 89,144 |
Thereafter |  |  | 405,338 |
|  | $ | 1,174,581 |
As of December 31, 2017, long-term fixed rate debt included $394.2 million (2016: $416.3 million) and long-term variable debt included $128.4 million corresponding to finance leases (2016: $45.4 million) (see note 14). As of December 31, 2017 the Company had $372.0 million (2016: $446.5 million) of outstanding indebtedness that is owed to financial institutions under financing arrangements guaranteed by the Export-Import Bank of the United States. The Export-Import Bank guarantees support 80% of the net purchase price of the aircraft and are secured with a first priority mortgage on the aircraft in favor of a security trustee on behalf of Export-Import Bank. The Company’s Export-Import Bank supported financings are amortized on a quarterly basis, are denominated in U.S. dollars, and originally bear interest at a floating rate linked to LIBOR. The Export-Import Bank guaranteed facilities typically offer an option to fix the applicable interest rate. The Company has exercised this option with respect to $231.9 million as of December 31, 2017 (2016: $286.1 million). In the past, the Company has extended the maturity of some of its aircraft financing to 15 years through the use of a “Stretched Overall Amortization and Repayment” (SOAR), structure which provides serial draw-downs, calculated to result in a 100% loan accreting to a recourse balloon at the maturity of the Export-Import Bank guaranteed loan. The Company currently has 4 aircraft finance under SOAR structure which had an outstanding balance of $28.3 million as of December 31, 2017 (2016: $24.8 million). As of December 31, 2017, the loan payable in the amount of $127.8 million (2016: $83.5 million) resulted from the use of the lines of credits (see note 27 for information regarding financial covenants related to the Company’s financial agreement). The detail of finance cost and income is as follows:
|  | 2017 |  |  | 2016 |  |  | 2015 |
Finance income - |  |  |  |  |  |  |  |  |  |  |  |
Interest income on short-term bank deposits |  | $ | 1,499 |  |  | $ | 675 |  |  | $ | 3,662 |
Interest income on investment |  |  | 16,440 |  |  |  | 12,325 |  |  |  | 22,285 |
|  | $ | 17,939 |  |  | $ | 13,000 |  |  | $ | 25,947 |
Finance cost - |  |  |  |  |  |  |  |  |  |  |  |
Interests expense on bank loans |  | $ | (32,599 | ) |  | $ | (32,647 | ) |  | $ | (30,866 | )
Interest on factoring |  |  | (2,624 | ) |  |  | (4,377 | ) |  |  | (2,289 | )
|  | $ | (35,223 | ) |  | $ | (37,024 | ) |  | $ | (33,155 | )
Changes in liabilities arising from financing activities:
|  |  |  |  |  |  |  |  |  |  | Non-cash |  |  |  |
|  | 2016 |  |  | Cash flows |  |  | New debt |  |  | transactions |  |  | 2017 |
Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations under finance leases |  | $ | 461,797 |  |  | $ | (28,107 | ) |  | $ | — |  |  | $ | 89,000 |  |  | $ | 522,690 |
Debt |  |  | 722,335 |  |  |  | (218,242 | ) |  |  | 147,798 |  |  |  | — |  |  |  | 651,891 |
Total liabilities from |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
financing activities |  | $ | 1,184,132 |  |  | $ | (246,349 | ) |  | $ | 147,798 |  |  | $ | 89,000 |  |  | $ | 1,174,581 |
During 2017, the Company’s non-cash investing and financing transactions are comprised of $89.0 million related to the acquisition of new aircraft that are financed using the JOLCO structure (see note 14).

X
- Definition Text block1 [abstract] + References No definition available. + Details
Name: | cpa_TextBlock1Abstract
Namespace Prefix: | cpa_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of borrowings. [Refer: Borrowings] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2017-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=1&date=2017-03-01&anchor=para_10_e&doctype=Standard -URIDate 2017-03-09 + Details
Name: | ifrs-full_DisclosureOfBorrowingsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration